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Stocks are looking mixed at the open, with the


flat and tech looking like it could ride up on the back of yesterday's rally.

At 8:30 a.m. EDT, the

S&P 500 futures

are now 13 points above, or 7 points above fair value and indicating some very light buying pressure. The

Nasdaq 100

futures were up 55 points, indicating some good buying pressure.

Yesterday's tech rally could mark the beginning of a new beginning for technology stocks after several months of blood-letting, and some this morning advise taking cover from Dow fallout in tech stocks. Tech bulls say the muscle in yesterday's rebound, and the fact that tech stocks were able to close up, are very good signs.

But few are expecting a broad and sweeping rally in tech quite yet. Yesterday's inflation data raised the specter of a

50-basis point interest rate hike in mid-May when Fed boss

Greenspan and his team will meet, and tech bellwethers

Dell Computer

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Applied Materials

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have yet to release earnings.

So it seems yesterday's hot inflation data did not bulldoze any kind of straight and clear path for stocks anywhere.

Meanwhile, it's D-day for


(MSFT) - Get Microsoft Corporation Report

, as the government plans to issue its proposal to break the company into two parts later today. Local media reports say the proposal would ban the two companies from recombining again for 10 years, and Microsoft executives would get stock in only one of the companies while current shareholders would get stock in both.

And the end of first quarter earnings period is here, as investors continue to look more carefully at revenues and conference calls. Today's

earnings slate includes


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U S West


and many more.

So far this morning, Swedish telecommunications company



reported earnings ahead of estimates.

The large European bourses were

rising near midsession. The Paris


was up 122.53 to 6370.39, while Frankfurt's

Xetra Dax

was 143.27 higher to 7365.01. Across the channel, London's


was up 110.8 to 6290.1.

The euro was trading down at $0.9097.

The bond market was slipping backwards, with the 10-year note down 9/32 to 101 22/32 and yielding 6.264%. Meanwhile, no major data are in the pipeline today.

Asian markets were mixed overnight.

In Hong Kong, investors plucked up blue-chips and tech stocks in thin trade ahead of a 3-day holiday, carrying the

Hang Seng

up 326.43 to 15519.30.

In Tokyo trading, the Nikkei average edged lower ahead of earnings and the "Golden Week" holidays, ending down 45.47 to 17973.70.

Dollar trading was quiet in Tokyo ahead of the holidays, with the yen closing at 106.44 yen. The greenback was lately sitting at 106.36 yen.

For a look at stocks in the preopen news, see Stocks to Watch, published separately.